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29% of UK Crypto Investors Check Their Account Balance Daily – Study Finds

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Jun 19, 2021

UK residents seem to have increases interest in cryptocurrency and Bitcoin more than ever before.

The United Kingdom’s Financial Conduct Authority survey shows that around 78% of UK adults have heard about cryptocurrencies. Moreover, over 2.3 million UK residents own or have hold digital coins for some time.

Cryptocurrency is a Legit Investment

Britons have dramatically changed their views concerning digital coins. The FCA stated that investors in the region no longer consider crypto as gambling but as an alternative investment option. The gambling notion declined by 9%.

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Also, British people have increased awareness about the fluctuations and the volatility of the crypto market. Crypto holders that check their account balances surged to 29%, a twofold increase from 13% last year.

The British investors have long-term bullish investment goals. According to the survey, half of the crypto holders increase their crypto familiarity, believing they will earn returns with time. However, FCA warns about the decline in overall crypto understanding as far as new investment options are concerned.

Meanwhile, the stats indicate an uptick in crypto holders compared to the 1.9 million in 2020. The FCA figure is consistent with the current increase in crypto-related searches in the nation.

Although the ‘cryptocurrency’ keyword searches declined over the last two weeks, the term searches reached the highest mark in May. Moreover, crypto interest has grown since the previous years.

Also, the FCA noted a surge in average investments, up to 300 pounds from 200 pounds in a year.

BTC Still Rules the Market

Bitcoin is still the favorite digital coin among Britons, with a 3% increase since last year. Respondents that hold BTC accounted for 66%, high than ETH (35%), LTC (21%), XRP (18%), and BCH (15%).

Keep in mind that the FCA started tracking crypto deals some years ago. The regulator concluded that Bitcoin’s bullish runs and price volatility resulted in the recent increased crypto interest.

Keep in mind that FCA has been interested in the entire crypto environment. The regulator is analyzing the potential and impact of CBDCs. Also, the agency supervises activities aimed to combat terrorism and money laundering.

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